Zecevic , Dijana2021-06-282021-06-282009-09-30Applied Studies in Agribusiness and Commerce, Vol. 3 No. 3-4 (2009) , 109-1101789-221Xhttps://hdl.handle.net/2437/317910Strategic management is ultimately concerned with the quest for sustainable advantage. To be practical, advantage for commercial firms concerns earnings and sustainable means a concern with earnings into the future. Pearce and Robinson define strategic management as a set of decisions and actions that results in the formulation and implementation of plans designed to achieve a company’s objectives. David says that strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives. Strategy is also hierarchical concept – it takes place at three different levels: corporate, business, and functional. These levels correspond with the activities of managers in different parts of the organization.application/pdfsustainable businessSerbiastrategic approachfolyóiratcikkOpen AccessUniversity of Debrecen, Faculty of Economics and Business, Hungaryhttps://doi.org/10.19041/APSTRACT/2009/3-4/22Applied Studies in Agribusiness and Commerce3-43APSTRACT1789-7874